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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | April 8, 2014 10:14 AM |
|---|---|
| From: | Representative Michael Peifer |
| To: | All House members |
| Subject: | Realty Transfer Tax |
| In the near future, I will be introducing legislation that will provide additional funding for any school district that receives less than 50% of its funding from the Commonwealth. As I am sure you are aware, the Realty Transfer Tax is a locally generated 1% tax based on the sale of real property that is collected by the Commonwealth and placed into the General Fund. My legislation will require the Department of Revenue to transfer the amount of Realty Transfer Tax generated in any school district that receives less than 50% of its funding from the Commonwealth back to that school district. Before the Department of Revenue makes any transfers, the Department of Education must provide the Department of Revenue with a certified list of which school districts receive less than 50% of their funding from the Commonwealth. Please join me in co-sponsoring this worthwhile legislation. |